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High Risk Loan Of $20000 For Bad Credit Iowa Resident

$20000 High Risk Loan – West Des Moines Iowa, Credit Rating Of 410

  • Experian: 426 – This client had a bad Experian rating
  • Transunion: 398 – Soledad had a bad credit score with Transunion.
  • Equifax: Soledad’s Experian score was 410, which is a bad credit score with the Experian system.

Soledad’s Overall FICO score at the time of acceptance for a high risk loan, taking into account their elevator mechanic job and their future job as a library technician

Fico Score: 410

Previous requests on Soledad’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$130830.00 3 7.1% $4045.64 Mills County Bank National Association February 16, 2009
$131220.00 10 5.3% $1411.11 Postville State Bank August 31, 2011
$131390.00 3 6.7% $4038.94 Washington State Bank March 17, 2012
$130630.00 4 6.7% $3109.95 Rippey Savings Bank February 25, 2013

Before applying for this high risk loan, Soledad had an Experian score of 426, which is bad, so State Savings Bank likely cannot provide Soledad a high risk loan

Experian Score: 426

Soledad was rejected by Manson State Bank 5 times before being granted funding by State Savings Bank at 4800 George Mills Civic Parkway, Suite 100

On February 26, 2012, Soledad applied about borrowing $15,000 from The First Trust & Savings Bank with Chan, their in law from just outside West Des Moines, and even with the co-signer, Soledad was rejected for this high risk loan. With bad credit, it can be very hard to obtain financing, even with collateral and a co-signer.

Contact Details for State Savings Bank, the provider of this high risk loan

  • State Savings Bank
  • City: West Des Moines
  • State: Iowa
  • Address: 4800 George Mills Civic Parkway, Suite 100
  • County: Polk
  • Zip code: 50265

Soledad has a very low current gross income, but has several of prospects

Soledad has always wanted to be a library technician, but would have to attend Quinsigamond Community College again to become one. Soledad has other prospects as well, including photographic equipment mechanic, insurance appraiser, and ultrasound technologist, which pay $59,000 through to $100,000 per year, on average. For this reason, we believe that Soledad can afford this high risk loan of $20000.

Installment loan for Soledad, a graduate of Quinsigamond Community College and an elevator mechanic working for over $60,000 per year

Soledad, an alumnus at Quinsigamond Community College and an elevator mechanic in West Des Moines, Iowa wants a high risk loan to purchase something frivolous. Soledad has instead chosen to obtain an installment loan for $6,000 and is currently seeking lenders like Norwest Bank Atlantic, National Association to process their request.

When Soledad was 21, they tried to obtain a student loan from 5 different banks, which harmed their credit rating. Below is a chronology of Soledad’s prior attempts at finding a student loan:

  • Attempt 1) Loan for $31,000.00 on October 2, 2013
  • Attempt 2) Loan for $35,000.00 on January 30, 2013
  • Attempt 3) Loan for $32,000.00 on May 10, 2012
  • Attempt 4) Loan for $33,000.00 on June 3, 2011
  • Attempt 5) Loan for $38,000.00 on January 27, 2012

6 Months in the Past, Soledad Tried to Find a High Risk Loan for $21,000.00, but They Didn’t Find What They were Expecting

There is an existing struggle for clients to find high risk loans in a non-harmful manner. Many high risk loans end up coming from loan sharks or similar lenders, which can be physically harmful to borrowers like Soledad. Soledad chose not to get a high risk loan this time. High Risk loans are generally given by lenders to terrible credit individuals. Borrowers with credit scores as low as 435 can inquire for a high risk loan and possibly can be approved.

Debt Consolidation Will Assist Most Deeply Indebted Borrower to Escape Bad Debts like Loan Sharks

Average debt consolidation loans vary from $31,000.00 to $59,000.00. They are mainly used to pay off existing high interest loans like credit cards. Soledad needed a debt consolidation loan to pay for their existing high risk loan and their credit card. Soledad was able to find a high risk loan in the end. Debt consolidation, or simply consolidation, is a tactic in the debt snowball method which transfers your bad, catastrophically high interest loans to one lower interest loan. Debt consolidation loans generally have interest rates as low as 3.7%.

Fast Loans for Soledad in West Des Moines, Iowa to prevent bankruptcy or bodily harm from debt collectors.

Fast loans in West Des Moines, Iowa aren’t actually that difficult to obtain, particularly if you have some finesse like Soledad. Soledad was able to find a fast loan for $20000 from First State Bank of Mapleton and Community State Bank, but declined both offers in favor of their high risk loan from State Savings Bank. The difference with a fast loan over a personal loan is in speed. Fast loans usually are processed within 1 – 3 weeks, versus up to 6 weeks for debt consolidation loans. Much better in the case that a borrower is in a pinch.

Soledad’s Transunion score was changed by the high risk loan loan, changing to 398 from 410, which is normal in our experience.

Transunion Score: 398

Many past requests for credit have been made by Soledad in the past, including one from Central Federal Savings and Loan Association of Rolla in West Des Moines, Iowa before Soledad was approved for the $20000 by State Savings Bank

Soledad made 7 previous attempts to obtain a high risk loan, 2 of which were with Central Federal Savings and Loan Association of Rolla, a bank in West Des Moines, Iowa known to specialize in high risk loans specifically. Prior to finding State Savings Bank, Soledad was very concerned due to their inexperience and bad credit score.

Client Profile: Soledad Famiano of West Des Moines, Iowa
  • Full name (Changed if requested): Soledad Famiano
  • Current Credit: loans.hit.utils.Fico@20ad9418
  • Current City: West Des Moines
  • State: Iowa
  • Zip code: 50268
  • Yearly income: $50,000
  • Current Job: elevator mechanic
  • Current County: Polk
  • Goal Yearly Income: $99,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $1000

Personal Loan for an elevator mechanic named Soledad in West Des Moines, Iowa to Pay Off Justice FCU Secured Visa Classic Card

Soledad had a lot of credit card debt on their Arvest Visa Classic and their REI Visa Credit Card, and they were starting to get in over their heads. Despite Soledad’s job as an elevator mechanic, they struggled to make payments on the $21,000.00 credit card balance, desperately needing assistance in the form of a personal loan.

Signature Loan found in West Des Moines, Iowa for $20000 with bad credit by Soledad

Most clients have difficulty with finding signature loans in West Des Moines, Iowa, and Soledad is no exception. Soledad went to 8 lending institutions or more before finding State Savings Bank, who offered Soledad a signature loan for $20000. Most signature loans simply need a client, like Soledad’s signature to get them, up to $36,000 in some cases. Soledad was able to get $20000 as a high risk loan, which is very high for a high risk loan. Since signature loans do not require a cosigner, these loans generally need higher credit, as high as 714

Paraphrased and Standardized Quote from Soledad for this high risk loan of $20000, provided by State Savings Bank

Hello, I am Soledad and I am from West Des Moines in Iowa. Polk, county is where I grew up, and now I need a high risk loan in Iowa for $20000 to pay bills. It wasn’t easy, but State Savings Bank really came through for me with this loan for 6.0% interest APR and a term of 20 years. I will repay the loan over the 20 year term, including interest. A big thanks to State Savings Bank for trusting me and my bad credit. It look me 9 years to create my credit to 410, and I won’t harm it any more. I’m pleased with Find Texas Loans for assisting me this far.

Conclusion of Soledad’s high risk loan

In the end, Soledad was able to find a high risk loan for $20000 with an interest rate of 8.5% interest APR from State Savings Bank in West Des Moines, Iowa repayable over 20 years from today.

Will Alexander

Will Alexander has over 10 years of experience as a financial expert and writer. The goal of his work is to assist the people of Texas in finding loans for lower interest rates than they thought were possible. Will specializes in bad credit loans.

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